SproutingSeeds

Every few years, New York tests how much its highest earners and property owners will absorb before they leave, and the pied-à-terre tax and millionaire surcharge proposals represent the current version of that test. The reaction is already predictable in its broad outlines, because some will panic, some will do nothing, and a small number will plan, while the ones who plan are not necessarily the ones with the most money but rather the ones with advisors who are having the right conversations at the right time.

Governor Hochul has consistently opposed broad income tax increases, which lowers the near-term odds of the millionaire surcharge passing in the current session, whereas the pied-à-terre tax carries strong public support and a specific, narrow target that makes it considerably more likely to advance. Treating either proposal as a distant abstraction is a strategic mistake, and the window for preparation is open right now because the details have not been finalized.

The tax plan is coming, and the question is whether you will have a strategy in place when it arrives.

Book a strategy session at sprouting-seeds.com/booking.
https://sprouting-seeds.com/blog/f/tax-the-rich-is-no-longer-a-slogan-it-is-nycs-new-tax-plan